How does a fitout loan work

At Fund me Capital, we help businesses secure the funding they need to complete fitouts of their commercial spaces. We offer a range of loan options, including equipment financing, construction loans, small business loans, and lines of credit, to meet the unique needs of each business.

Once a loan has been approved for a fitout loan, the process of getting the work underway typically involves the following steps: 

Before any work can begin, the business will need to finalise the plans for the fitout. This may involve working with an architect or interior designer to create detailed plans and obtain any necessary permits (if necessary).

Once the plans are finalised, the business can begin obtaining quotes from contractors for the work that needs to be done. It's important to obtain multiple quotes and compare the costs and services offered by different contractors to ensure you get value for money 

After reviewing the quotes and conducting due diligence on the contractors, the business can select the contractor that meets its needs and budget. 

Once the contractor has been selected, a contract will need to be signed outlining the scope of work, timeline, and payment terms. It's important to carefully review the contract and ensure that all aspects of the fitout are covered.

 When your loan has been approved, you may have the contract signed and have the contractor on board with the fitout work. Depending on the scale of the fitout, this may involve several weeks or even months of work.

As the fitout work progresses, the business can begin drawing down on the loan to cover the costs of the work as needed. It's important to keep track of all expenses and ensure that the loan is only used for the approved fitout work.

Once the fitout work is complete, the business can move in and begin operating from the new space 

Throughout the process, the team at Fund Me Capital can provide guidance and support to ensure that the loan is used effectively, and the fitout work is completed on time and on budget with the assistance of contractor.